- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
No, you do not need to add the computer back to your rental as an asset since you used Section 179. You must keep track of it on paper or tax return files should you ever sell it. At the time of a sale it would be a taxable event. If at some point you junk it then that should be noted with details and kept with your tax file. A sale no matter the amount will be a taxable gain because you no longer have a cost basis and depreciation would need to be recaptured up to the amount of the sales price.
Yes, you have made the correct entries in your return. Be sure to mail Form 3115 with your tax return to the address provided by TurboTax.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 6, 2024
1:05 PM